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Principle of diminishing marginal utility

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Reference no: EM132519490

Principle of diminishing Marginal utility. 

Consider the following lottery:

Lottery

Bad Economy

Prob. = .50

Good Economy

Prob. = .50

A

1000

3000

B

0

4000

 The expected value in both cases is 2000.

  • Are you indifferent between the two? 
  • What is the actual trade-off? 
  • Under what conditions will you make the trade-off?

Reference no: EM132519490

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